MICROCARS MARKET SIZE, TRENDS, LATEST INSIGHTS, ANALYSIS AND FORECAST 2024-2032

Microcars Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2032

Microcars Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2032

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Microcars market is anticipated to grow at a considerable CAGR of 3.0% during the forecast period. The growth of the market is attributed to factors such as increasing urbanization, rising fuel costs, growing environmental concerns, and advancements in automotive technologies. Additionally, factors such as the demand for compact and economical vehicles in congested urban areas and government initiatives promoting electric and hybrid vehicles are anticipated to fuel the demand for microcars. For instance, in recent years, there has been a significant shift towards sustainable transportation solutions, which has boosted the adoption of microcars. Moreover, adoption of electric microcars are becoming increasingly popular owing to their eco-friendly nature and improved charging infrastructure, offering convenient and sustainable transportation options. Microcars are cheaper to charge than larger electric vehicles as they don't require as much energy. For instance, in November 2022, PMV Electric launched its first electric micro car in India called the EaS-E. The PMV EaS-E micro electric car is powered by a 10 kWh lithium iron phosphate battery that is coupled with a 15 kW (20 bhp) PMSM electric motor.

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Among the vehicle size segment, the compact microcars are expected to register significant growth during the forecast period. Compact microcars are popular in urban areas due to their smaller footprint, ease of manoeuvrability, and ability to navigate through congested traffic. These vehicles offer a practical solution for daily commuting, especially in crowded cities with limited parking space. The compact size also contributes to fuel efficiency and lower emissions, aligning with the increasing environmental concerns and government regulations. For instance, in April 2023, MG Motor India launched the MG Comet EV microcar. The Comet EV is a compact three-door electric hatchback with a starting price of $9700 and is expected to have a range of around 200 km on a single charge. The MG Comet EV is loaded with features, including dual 10.25-inch screens, a two-spoke steering wheel, dual airbags, ABS with EBD, ESC, and more.

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  • Market Coverage

  • Market number available for – 2024-2031

  • Base year- 2024

  • Forecast period- 2024-2031

  • Segment Covered- By Source, By Product Type, By Applications

  • Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill

  • , and others


Market Segmentation

Global Microcars Market by Type

  • Fuel Cars

  • Electricity Cars

  • Hybrid Cars


Global Microcars Market by Application

  • Personal Cars

  • Commercial Cars


Global Microcars Market by Technology

  • Automatic

  • Semi-automatic


Global Microcars Market by Distribution Channel

  • Online

  • Offline


Global Microcars Market by Vehicle Size

  • Compact

  • Sub-compact


Regional Analysis

  • North America

  • United States

  • Canada

  • Europe

  • UK

  • Germany

  • Italy

  • Spain

  • France

  • Rest of Europe

  • Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Rest of Asia-Pacific

  • Rest of the World


Company Profiles 

  • Automobiles SA Citroën

  • BYD Co. Ltd.

  • Chery

  • Daihatsu Motor Co., Ltd.

  • General Motors

  • Honda Motor Co., Ltd.

  • Hyundai

  • KIA India Pvt. Ltd.

  • Mahindra & Mahindra Ltd.

  • Maruti Suzuki India Ltd.

  • Mitsubishi Electric Corp.

  • Peugeot Motor Co. plc

  • Suzuki Motor Corp.

  • Tata Motors Passenger Vehicles Ltd.

  • Toyota


The Report Covers

  • Market value data analysis of 2022 and forecast to 2030.

  • Annualized market revenues ($ million) for each market segment.

  • Country-wise analysis of major geographical regions.

  • Key companies operating in the global microcars market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

  • Analysis of market-entry and market expansion strategies.

  • Competitive strategies by identifying ‘who-stands-where’ in the market.


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